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Title: An economic analysis of the North East Scotland housing market
Author: Liu, Nan
ISNI:       0000 0004 2707 3541
Awarding Body: University of Aberdeen
Current Institution: University of Aberdeen
Date of Award: 2011
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This study focuses on one particular local housing market in North East Scotland, and proposes an effective approach to understanding a number of aspects of the study area. The main dataset was obtained from the Aberdeen Solicitors Property Centre, which was then combined with Land Value Information Unit data and Scottish Neighbourhood Statistics to provide rich information on the dwellings listed on the market from April 1984 to June 2010.  In addition, local market practitioners were interviewed. The study finds the study area has a spatial hierarchy structure – housing attributes have different effects on house prices in Aberdeen city, city suburb, accessible rural in Aberdeenshire, and remote rural areas.  Each spatial submarket is further divided into five segments according to dwellings’ qualities to see the effect of counter-urbanisation on both rural and urban housing markets.  The theoretical analysis suggests that an external demand shock for a particular type of housing in the rural housing market is likely to trigger house unit filtering as well as households filtering if new constructions are allowed, and/or conversion cost is low, and/or cross-price elasticity if demand is high.  This theoretical analysis is supported by descriptive statistics and causality test results. The study also finds that pricing strategy has a significant impact on transaction price.  Decomposition modelling results suggest properties sold under the closed bid “offers over” system sell 20%- 40% more than those sold under “fixed price”.  This advantage of the “offers over” system however, may be counteracted if the property stays on the market over three months.  As the survival analysis shows that although “offers over” properties sell faster at the beginning of the list, “fixed price” is more favourable if the property has been on the market for a relatively long time.  Findings are likely to change as a result of the introduction of the Home Report.  The study finds Home Report has eliminated the advantage of the “offers over” pricing system from the selling price view point.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: Property ; Housing